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How can I fix my finances after Christmas

How can I fix my finances after Christmas

 



Video transcript

A survey shows families with an average income will probably still be paying off Christmas 2013 in June 2014, but perhaps by reorganising your debt you can avoid getting too much cashflow pressure.

The TUC has analysed how wages are effectively falling due to the cost of living increasing, as well as how lower household savings mean it`ll be harder to pay off credit cards and loans in the new year.

With consumer debt going up by 4.9 per cent in 2013, the union believes it`ll take 24 weeks to pay off the festive season – for Christmas 2012, it was a still substantial 20 weeks.

If you think that the paying off the celebrations that coincided with the end of the last one is going to be too much of a struggle you may wish to look at consolidating your debt so that all your credit borrowing can be paid refinanced through a longer term loan, leaving you with smaller repayments to make instead.

Interest payments will probably be higher over the course of your new loan so check the figures out carefully. To find out what your payments might be contact us at firstchoicefinance.co.uk or call on 0333 003 1505 or 0800 928 3000.

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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